WINDHOEK – Namibia’s state-owned power utility NamPower is confident it will be able to raise the N$13,8 billion it needs to boost power supply as demand is expected to more than triple by 2030.
NamPower’s Marketing Manager John Kaimu said a BBB- rating by Fitch has helped the firm attract favourable debt financing.’We have been overwhelmed by the response. There is cheap money out there if you’ve got good projects and if you market them well,’ Kaimu told Reuters in an interview late on Tuesday.The company plans to list a total of N$3 billion in bonds, it has N$3,2 billion in cash, has secured a N$1 billion injection from the government and additional N$1,3 billion in development funding.Namibia currently produces 384 megawatts, out of which 144 MW are produced from thermal and 240 MW from hydro energy.Because of the hydropower’s seasonality, Namibia imports up to 60 per cent of its power to supply the country’s rising demand, which peaked at around 450 MW in July. – Nampa-Reuters
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